Homeowner Goes Under The Knife, Mortgage Bills Pile Up

Published on May 8th, 2014 by AHP Administrator

When Eric purchased a brick grey-stone two flat building on the West Side of Chicago in 2003, his plan was to rent it out. “I was trying to live rent free, it was an investment property two flat: rent out one floor and let them pay for my mortgage– that was the idea.” Eric said.

However Eric encountered unexpected circumstances which resulted in him falling behind on his mortgage payments. “I ran into some problems: lack of work, got hospitalized, bills came up, so it became a problem.”

When Eric was hospitalized in 2012 it kept him from his job remodeling and rehabbing properties. “I was having abdominal adhesion surgery, so after that, you’re off for at least six weeks before you can really do anything.” Eric said.

After his hospitalization, Eric’s abdominal problems reoccurred. Though the problem did not require more surgery, it caused him to miss even more work in 2013; rendering him unable to keep up with the maintenance of his own property. “I didn’t have a tenant in the building. So, when I recovered, I had to work extra hard to get one of the apartments ready to get a tenant in there so I could have some income coming in there.”

Between his weeks of being absent from work and lack of tenants, Eric’s mortgage payments became difficult to manage. While working with his prior lender in early 2014, Eric was told that American Homeowner Preservation (“AHP”) had purchased his loan and that he should contact them. At the time, Eric still owed $221,910.48 on his mortgage plus about an additional $30,000 in accrued interest and late charges. AHP was able to settle Eric’s payments for an initial payment of $1,000 and 19 further monthly payments of $1,000. For $20,000, AHP will release his mortgage, leaving Eric with his two flat free and clear.

Eric is currently living in the basement of this property and is working on making it suitable once again for tenants. “The idea of putting it all back together and getting it back to the state it needs to be in; it’s a relief that it’s in my control now.” Eric said.

About Us

Why Invest

2015A+ Fund

Connect

Please be aware of important limitations concerning the information on this page:
The information on this page does not constitute, and should not be construed as, an offer to sell securities or a solicitation of an offer to buy securities. An offer to sell securities is made only through the Offering Statement, which is available here.

The information on this page is not complete. Everything on this page is qualified by the Offering Statement. Among other things, this page includes partial information about our financial track record. For more complete information, please refer to section of the Offering Circular captioned “Past Performance: Our Track Record So Far,” which starts on page 19 of the Offering Circular.

This information on this page does not constitute, and should not be construed as, investment or tax advice. We do not know about your personal circumstances and are not in a position to know whether this investment is suitable for you. You should consult with your own financial advisor to determine if this investment is right for you.

American Homeowner Preservation is a website operated by American Homeowner Preservation. American Homeowner Preservation is not an investment adviser, and does not recommend this investment as suitable for any particular investor. Investors must make their own decisions either alone or in consultation with their personal advisors. By accessing this site and any pages thereof, you agree to be bound by our Terms of Use and Privacy Policy. American Homeowner Preservation is intended only for persons residing in the U.S., and for persons residing abroad in jurisdictions where securities registration exemptions apply. American Homeowner Preservation does not make investment recommendations, and no communication through this website or in any other medium should be construed as such. Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through the website. Investors must be able to afford the loss of their entire investment.